Analyze the business-level strategies for the corporation you chose to determine the business-level strategy you think is most important to the long-term success of the firm and whether or not you judge this to be a good choice.
Cedar Fair Entertainment is one of the top amusement parks in the world. Their main office is located in Sandusky, Ohio. Cedar Fair owns and operates 11 amusement parks, six outdoor water parks, one indoor water park as well as five hotels (Cedar Fair, 2013). One of the amusement parks is known by the name of Kings Dominion and it is located in Doswell, Virginia. The Kings Dominion Park caters to young adults and has a huge water park that is called WaterWorks.
In 2012, the new CEO of Cedar Fair Entertainment announced a new Long Term Growth Strategic plan for the company. The plan is known as the FUNforward and financial goals for the Company. The CEO is headed in this direction because of the significant barriers to entry and a loyal high-repeated customer base as well as the significant momentum that they have created for the Company over the past two record-setting years (Rotting Flesh Radio RSS, 2012). For example, Kings Dominion is one of the largest theme parks on the East Coast and the loyalty of the younger generation is outstanding. The park is located in an area that is very convenient off of interstate 95. Most parents use the theme park as a baby sitter. They drop their kids off in the morning and pick them up in the afternoon after work. The park is so big and it caters to the younger generation and it adds a new ride every couple of years to make the park even more attractive to its customers.
Cedar Fair uses the FUNforward plan strategy that consist of: Improving consumer messaging and relationship management, Dynamic pricing and advance purchase commitments, Premium product offerings, Strategic alliance fees and promotional leverage, and Capital and expense productivity. The Company will also look to utilize its undeveloped land to drive additional park admissions through activities and investments that leverage its installed asset base (Rotting Flesh Radio RSS, 2012).
I think that this plan that Cedar Fair CEO has created will work because it seems to be customer based focus. Focused strategies are strategies that are integrated set of actions taken to produce goods or services that serve the needs of a particular competitive segment (Hitt, Ireland, & Hoskisson, 2013, p. 118). Cedar Fair Entertainment has a balanced mix between thrill rides and family attractions and the water park (Water Works). Water Works consist of activities for guests of all ages, including water slides, rushing rivers, surfable waves and a 650,000-gallon wave pool and the best thing is WaterWorks is included with the price of admission to Kings Dominion (Kings Dominion, 2013). This is what keeps the customers keep coming back and keeps Cedar Fair profits up. For example, Bush Gardens charge their guest a different...